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    Mortgage Monday!

    Good Afternoon Viewers. We officially have had a blog request! I was asked to write an article on “the difference between FHA mortgage loans and standard mortgage loans.”I am more than happy to write about that, there is so much to learn about mortgages! I took the opportunity to meet with one of our local mortgage lenders to gain more information.

    Amy Broome from Sierra Pacific Mortgage is a wonderful lender full of knowledge. She was able to enlighten me and teach me about the 4 main mortgages that we handle in the home purchase process.





    • The person on the mortgage has to be a veteran.
    • No down payment
    • No private mortgage insurance.
    • If you are in the reserves you are required to be in them for 6 years to be eligible.
    • Required to have at least a 620 credit score
    • 3.5% Down payment on cost of the house
    • Down payment can be a gift from an immediate family member.
    • 3.5% Down can also come from your 401K
    • Seller can pay all of the closing costs


    • Does not have an upfront PMI fee
    • Have to have a minimum of 5% down payment.
    • The monthly PMI will fall off once 20% equity has been obtained.
    • Rates are higher on conventional loans as opposed to government loans such as VA, FHA, or USDA
    • Required to have at least a 620 credit score.


    • Low interest rates
    • You have to find a home in USDA qualified areas
    • No down payment.
    • Has an upfront mortgage fee that is rolled into the life of the loan.
    • Monthly PMI is inexpensive and can fall off once you reach 20% equity.
    • Requires to have at least a 640 credit score.
    • Does not finance mobile homes.


    If you all have any questions regarding these mortgages or other types of mortgages please feel free to ask! I will be more than happy to learn information that I can share with you all. I hope that you have a wonderful week, and if you have any ideas please feel free to let me know!

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